I have like 8 different bank accounts and regularly transfer funds between them whenever one has a better interest rate. As long as there are no fees, there isn’t really much downside to this. Right now I’m at 4.3% interest in Wealthfront.

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You can find hysa above 4% right now, go get one of those

I’m a PNC customer, in Pittsburgh (what the “P” stands for in PNC), and the 4% rate wasn’t available to me.

Fine by me PNC, I’ll pull the majority of my savings out and put it in another bank.

Just pay it off asap. Once you have ended your debt your options will open up immediately to save and invest more aggressively for other endeavors. A mortgage is the only debt you should ever have to carry. Every other consumer debt is dead weight.

Yep, they offer them as well. I’m less familiar with their rate schedule though, and I know Fidelity won’t give just anyone a CD, you have to be a brokerage client and that entails a minimum $5k account balance on the brokerage side (you can’t count the CD balance towards that), and they charge a $20 commission in some cases. They also have to be multiples of either $100 or $1000, where traditional CDs can be down to cents if you wish. On top of that, the interest does not go into the CD, it goes back into your brokerage account, where with a traditional CD it would go back into the CD and compound.

So it’s a bit of arbitrage on which is the better option for you. For most people that do not already do business with Fidelity, a traditional CD is the better option.

citizens bank hysa just went up from 4.00 to 4.15%

If you literally type “HYSA” in Google, the first non-sponsored result is from Nerd Wallet, and it literally spells out what HYSA means.

For someone looking at managing their own finances, I would hope they have the fundamental knowledge of knowing how to Google something, and doing a bit of research before making changes to their finances.

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Someone asking this question doesn’t know what a HYSA is, BTW

There are much better rates available right now - over 5% - with brokered CDs through Schwab and Fidelity. All FDIC insured.

I've got an Amex savings account and a 12 month cd. I invested half of the proceeds from my house and am down 6% from 12/21. But I'm making money safely with AmEx. I'm genx and don't trust the online banks since simple.

If your target house is $150k, then your 30k will allow you to avoid PMI (mortgage insurance). If a higher target price for the house, try to save more. Getting to 20% down should be a must. PMI is money you typically never get back and with 20% down, it can be avoided all together.

JP Morgan Chase uses them as sort of variable term financing devices for themselves, so the rate offered depends upon duration and amount of money you’re locking up. The rate is basically zero unless it’s what they want you to do, which right now at least in NY is: 2% for 3mo <10k, 3.5% 3 month 10k-100k, 4% 3 month 100k+, 3% 12 month <10k, 3.25% 12 month 10k to 100k, 3.75% 12 month 100k+.

They go all the way out to 10 years, but they don’t want you doing that and that is around 1%.

Even if you don’t want to buy the product, it’s an interesting portal into what america’s largest bank thinks its short, medium, and long term cash needs look like.

The current setup of rates indicates they think their short term cash needs are greater than their medium term needs, that they’ll still need cash over the medium term, but they think that maybe in 3 months they’ll have less need for short term cash.

Life lesson to pay attention to your finances.

As others have said, probably gonna have to wait it out. I was 30-days late on a credit card payment 7 years ago, all my cards are on autopay for the minimum just in case i forget. I opened a new card and forgot to set it up, was with capital one. they would not remove it and i just had to deal with it.

after awhile the effect began to diminish, then it fell off.

I actually called to close my account because I was ticked off, and that’s what caused them to explain. Apparently their Virtual Wallet account has different offerings based on how big PNC’s presence is. It’s a pretty stupid system and it definitely shouldn’t be that hard to find the information.

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>Capital One is 3.4%. American Express is 3.75%

Better

Best

https://www.ufbdirect.com/?item=%2fsavings%2fufb-savings&user=extranet%5cAnonymous&site=UFB or CFG bank has the same rate

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>but feels like I'm losing money by staying put

Your feelings are correct

Banking is about dating around, switch to banks that have better offers, but dont cancel the old account and just keep the minimum balance, cause sometimes their offer/ interest rate gets better

CFG was my ex i was with Bask bank but now CFG is better so i am dating them for now

You should call them and ask about it, say you're looking for interest rate options. I am in one of those states and they bumped by interest rate to 4% when I started transferring to discover

yeah makes sense % wise, but what’s your return on hassle? Do you carry a large enough balance to warrant the switch on a dollars basis? If so, look for an offer that will give you $xxx to open an account and maintain a balance on top of the higher savings rate. But if you like your bank and it’s convenient and you will earn $13 more in interest it may not be worth it.

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I recently saw that CIT Bank has a 4.2% HYSA and a 4.4% rate if you keep more than 5k in the account. Pretty good for an emergency fund

I have the 3.75% money market PNC account in NY, I don’t think that’s accurate

PNC is fine for checking, but for savings I use Ally.